Indian Rupee Gives Back Mild Gains After RBI Holds Rate at 5.25%

The Indian rupee opened the session with mild gains versus the dollar, but reversed direction after the Reserve Bank of India announced its monetary policy decision. The central bank kept the repo rate unchanged at 5.25%, as widely anticipated by market participants. The lack of a hawkish surprise left the currency without fresh bullish impetus, and it surrendered its early advances.